The Economic and Financial Crimes Commission (EFCC) has arrested Umar Ajiya Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company (NNPC) Limited, in connection with an alleged $7.2 billion fraud linked to the failed rehabilitation of Nigeria’s three major refineries.
A comprehensive report by one of Nigeria’s foremost online newspaper, PREMIUM TIMES, quoted sources within the commission as confirming on Monday that Mr. Isa was taken into custody alongside Jimoh Olasunkanmi, former Managing Director of the Warri Refining and Petrochemical Company.
Mr. Isa, during his tenure as CFO, oversaw the disbursement of funds for the Turnaround Maintenance (TAM) of the Port Harcourt, Warri, and Kaduna refineries. Despite the release of billions of dollars over the years, the refineries have remained largely dormant, producing no refined products while continuing to receive annual allocations for rehabilitation.
EFCC investigators are probing Mr. Isa and several other NNPC officials for alleged corruption, abuse of office, diversion of public funds, and receipt of kickbacks from contractors. Those also under investigation include:
• Tunde Bakare, current Managing Director of the Warri refinery
• Ahmed Adamu Dikko, former Managing Director, Port Harcourt refinery
• Ibrahim Monday Onoja, former Managing Director, Port Harcourt refinery
Ongoing Investigation
Last month, PREMIUM TIMES reported that the EFCC had launched a broader investigation into the disbursement and use of funds approved for refinery rehabilitation, targeting a number of past and present senior NNPC executives. Among those reportedly under scrutiny are former Group CEOs Mele Kyari and Abubakar Yar’Adua.
A letter dated 28 April and addressed to the current NNPC management revealed the commission’s demand for certified salary and benefits records of 14 current and former executives, including refinery chiefs such as Ibrahim Onoja (Port Harcourt), Mustafa Sugungun (Kaduna), and Efifia Chu (Warri).
The investigation focuses on over $2.9 billion in rehabilitation funding, broken down as follows:
• $1.56 billion for the Port Harcourt refinery
• $740.6 million for Kaduna refinery
• $656.9 million for Warri refinery
Despite these substantial allocations, the facilities have shown little or no improvement. The Warri refinery briefly reopened in December 2024 but shut down a month later over safety concerns. The Port Harcourt facility is operating at less than 42% capacity.
Fallout and Industry Reactions
The arrests come amid a broader shake-up of NNPC initiated by President Bola Tinubu, who recently dissolved the company’s board and appointed a new leadership team led by Bayo Ojulari (GCEO) and Ahmadu Kida (Board Chair).
Meanwhile, The Punch reported in May that the EFCC had uncovered approximately N80 billion in the personal accounts of one of the sacked managing directors.
A forensic audit of NNPC, ordered by Finance Minister Wale Edun, is also underway. The government aims to improve the company’s dollar contributions amid sweeping fiscal reforms.
Industry analysts such as Kelvin Emmanuel and Dan Kunle have sharply criticized NNPC’s handling of the rehabilitation projects, accusing the company of staging recommissioning ceremonies and using unqualified contractors rather than the original equipment manufacturers.
Both the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have voiced serious concerns over the continued underperformance of the refineries.
At the Warri refinery, frustrations have escalated to the point where support staff are threatening an indefinite strike over poor working conditions and unpaid entitlements.
